Companies Act

Section 172. Penalty

Companies Act, 2013

1[172. Penalty.– If a company is in default in complying with any of the provisions of this Chapter and for which no specific penalty or punishment is provided therein, the company and every officer of the company who is in default shall be liable to a penalty of fifty thousand rupees, and in case of continuing failure, with a further penalty of five hundred rupees for each day during which such failure continues, subject to a maximum of three lakh rupees in case of a company and one lakh rupees in case of an officer who is in default.]

References

  1. Subs. by Act 29 of 2020, s. 35, for section 35 (w.e.f. 21-12-2020).
READ  Section 176. Defects In Appointment Of Directors Not To Invalidate Actions Taken

Trending Posted

Get Started Live Chat